EPL Drills 3rd Successful Well in East Bay Area
Energy Partners is completing its third successful exploratory well in the East Bay area, known as the Yosemite Prospect, in South Pass Block 37.
The EPL OCS 0697 No. 3 well is immediately south and adjacent to EPL's East Bay Field complex. The well was drilled by EPL under a farm-in arrangement with certain interest owners in the South Pass 37 Field, and was drilled from a surface location on EPL's South Pass Block 28. Hunt Oil Company owns an undivided interest in the Block and participated in the well. Located near the mouth of the Mississippi River in approximately 75 feet of water, the well was drilled directionally to a total depth of 10,441 feet true vertical depth (TVD) (12,966 feet measured depth). Hydrocarbons were encountered in twelve sands with 308 feet (TVD) of apparent oil and natural gas pay most of which were productive in downdip wells. The Company and its partners are currently evaluating deepening this well to test deeper potential. EPL owns a 56% working interest in the well and is the operator. Hunt Oil Company owns the remaining 44% working interest. The well will be hooked-up to existing East Bay Field infrastructure for processing and sales. First production is expected in February 2003.
Richard A. Bachmann, EPL's Chairman, President and Chief Executive Officer commented, "As with our other two recent East Bay successes, Mesa Verde and Arches, the Yosemite prospect was drilled on the basis of newly acquired 3-D seismic data which had been merged with the 3-D data that existed when we acquired East Bay in 2000. This success further validates the usefulness of this updated data set. We are currently evaluating drilling an acceleration well to more efficiently produce these accumulations. Our 2003 drilling program will include additional exploratory wells in the vicinity based on the merged 3-D seismic data." Bachmann continued, "This brings us to 13 successes out of 16 exploratory wells that were drilled as part of our 2002 drilling program. We still have one remaining well under the program drilling at East Cameron Block 378."